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One of the last stages of finalising a buy-to-let investment is to furnish the property, and whilst many just get this job done, it’s important to put thought into it to help maximise your rental income. It’s the small features that make the biggest difference to a living space, so considering each detail is key to not only helping you maximise your yield, but also to provide a comfortable home for your tenants.
Set A Budget
The first thing you should do before you choose anything is to set a budget. This is all dependent on the kind of property you’ve furnished, how big it is, and the target audience you’re wanting the property to appeal to. This can range anywhere from £1,500 for a small apartment with lower quality furniture through to thousands and thousands for larger homes.
However, sitting down and deciding on a strict budget is key, as once you start looking, it can be easy to get carried away, but you need to remember that everything you spend is taking away from profit. Whilst you need to maintain a certain standard of quality in order to entice people, working to a budget is also key. So, sit down, write a list of everything you need for the property, and assign a portion of the budget to each.
Choose Timeless and Neutral
To appeal to the majority of people, choosing timeless and neutral furniture is key. This doesn’t mean that it has to be completely boring with no character, but choosing more classic colour palettes will give people a blank slate that they can then build on for themselves with their soft furnishings. Lighter coloured furniture tends to resonate as it helps the space to feel bigger and brighter, so going for either white, cream or a light wood furniture is best.
In terms of the design as well, go for something more modern but with classic elements, so perhaps a traditional style wardrobe but with contemporary handles, or perhaps a classic shaped sofa with a more interesting texture in terms of fabric. People like some characters for the most part, so don’t neglect this, but go for something simpler.
Prioritise Storage
One of the biggest reasons why people won’t choose a rental property is if it doesn’t have enough storage, so this is absolutely essential to factor into your choices for furniture, as optimising space is key. In the living room, make sure that you’ve got a TV stand that also doubles up as additional storage, then, if you have the space, also go for a bookshelf or you could build in shelves to maximise space and also add something interesting to the space.
In the bedroom, make sure that there is plenty of wardrobe space, with one large wardrobe, one set of drawers, and then a bed side table per bedroom. Choosing a bed with storage, either an ottoman style bed so there can be storage all underneath, or choose a normal bedframe so that storage boxes can be placed underneath for things like shoes.
If there is any opportunity to add a storage cupboard, particularly in flats, we’d definitely recommend you add it, whether it’s built in storage, a cupboard in the hallway, built in bathroom cupboards or anything in between.
Don’t Scrimp On Comfort
When someone feels comfortable in a space, it helps them to feel at home, and they’re more likely to keep renewing their tenancy with you. So, one thing you shouldn’t scrimp on is comfort. Don’t just get the cheapest sofa or mattress that’s available to get the job done.
Instead, think about whether you’d be happy and comfortable if you were living there, to set the right standard for your tenants. The reason we focused on sofas and mattresses specifically is because they’re key for proper relaxation and good sleep, making them a must for your tenants to feel happy and settled. If you’ve chosen a competitive area for your buy-to-let, for example, property investments in Leeds, then these small details make all the difference!
Don’t Forget Good Household Appliances
Last but certainly not least, you should be investing in good-quality household appliances. Not only does this improve your EPC rating, but it also reduces the cost of bills for tenants, which is a big tick in today’s economy and cost of living crisis. So, make sure you’re getting a decent washing machine, tumble dryer, dishwasher, and boiler that are energy efficient, easy to use, and effective.
You’ll only need to spend slightly more to get the better quality items, plus if they’re newer, then they’ll last much longer and so the cost of replacing over time will be less. This will be a big selling point for potential tenants and helps the environment, so it’s worth investing in good-quality appliances.
Author Bio: Darcy Fowler
After completing a University degree in Journalism, Darcy Fowler has dedicated a lot of time to interior design, exterior design and home decor, completing multiple home design projects in the process. Darcy is determined to provide interesting and insightful content with the hope of inspiring others. She has a big ambition to establish herself in the world of home renovation and design journalism.
